Actuaries, Mathematicians and Statisticians

Actuaries, Mathematicians and Statisticians develop and apply actuarial, mathematical, statistical and quantitative principles and techniques to solve problems in a range of fields such as business and finance, scientific and social research, and engineering.

A Bachelor Degree or higher, or at least 5 years of relevant experience is usually needed to work in this job. Most workers have a post-graduate degree.

Tasks

defining, analysing and solving complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends

examining financial projections for general insurance companies, finance companies, government and other organisations

applying models to experimental observations, and adjusting and recasting the models

using numerical analysis methods to develop algorithms and perform computations

liaising with management and clients to determine the subject or area to be surveyed or examined

specifying the data to be collected, and the methodology to be used in collection and analysis

evaluating and describing the reliability and utility of source information

analysing and interpreting data, and producing relevant statistics to describe and infer particular trends and patterns

Job Titles

Actuary

Mathematician

Statistician

Actuary

Analyses mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning. Registration or licensing is required.

Mathematician

Develops and applies mathematical principles and techniques to solve problems in all areas of the sciences, engineering, technology, social sciences, business, industry and commerce.

Specialisations: Operations Research Analyst

Statistician

Designs and applies statistical principles and techniques for collecting, organising and interpreting quantifiable data, and uses statistical methodologies to produce statistical reports and analyses for government, commercial and other purposes.

This is a small occupation employing 7900 workers. Over the past 5 years the number of jobs has grown strongly.Strong growth is expected in the future. New jobs and turnover from workers leaving may create between 5,001 and 10,000 job openings over the 5 years to 2020.

While there are jobs in many parts of Australia, New South Wales has a large share of Actuaries, Mathematicians and Statisticians.

They mainly work in: Financial and Insurance Services; Professional, Scientific and Technical Services; and Education and Training.

Full-time work is common. Full-time workers, on average, work 41.2 hours per week (compared to the all jobs average of 40 hours).

The average age is 38 years (compared to the all jobs average of 40 years) and around 5 in 10 workers are aged 45 years or older.

Around 7 in 10 workers are male.

In 2016, the unemployment rate was above average.

Employment Outlook

Number of Workers

Year

Number of Workers

Source: ABS Labour Force Survey, Department of Employment trend data to November 2015 and Department of Employment projections to 2020.

Year

Number of Workers

2005

7600

2006

5600

2007

4600

2008

6500

2009

7000

2010

5600

2011

6600

2012

7000

2013

6400

2014

6000

2015

7900

2020

8600

Weekly Earnings

Full-time Earnings

All Jobs Average

Weekly Earnings (before tax)

No data is available for the selected graph for this Occupation.

Hours

Weekly Hours Worked

Category

Actuaries, Mathematicians and Statisticians

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Hours actually worked by people who usually work full-time, and share of employment by full-time and part-time status, for this job compared to the all jobs average.

Category

Actuaries, Mathematicians and Statisticians

All Jobs Average

Full-time

75.1

68.4

Part-time

24.9

31.6

Average Weekly Hours (full-time)

41.2

40

Category

All Jobs Average

Full-time

68.4

Part-time

31.6

Average Weekly Hours (full-time)

40

Main Industries

Top Industries

Main Employing Industries (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Industries are based on the Australian and New Zealand Standard Industrial Classification (ANZSIC 06).

Main Employing Industries

Industry (% share)

Financial and Insurance Services

30

Professional, Scientific and Technical Services

22.6

Education and Training

20.9

Public Administration and Safety

9.8

Other Industries

16.7

States and Territories

NSW

VIC

QLD

SA

WA

TAS

NT

ACT

Employment by State and Territory (% share)

State

Actuaries, Mathematicians and Statisticians

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Share of workers across Australian States and Territories, in this job compared to the all jobs average.

State

Actuaries, Mathematicians and Statisticians

All Jobs Average

NSW

51.7

31.8

VIC

20.4

25.5

QLD

9.7

19.8

SA

3.9

6.8

WA

7.3

11.2

TAS

0

2

NT

0.8

1.1

ACT

6.2

1.8

Age Profile

Age Profile (% share)

Age Bracket

Actuaries, Mathematicians and Statisticians

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Age profile of workers in this job compared to the all jobs average.

Age Bracket

Actuaries, Mathematicians and Statisticians

All Jobs Average

All Jobs Average

15-19

0.8

-5.4

5.4

20-24

14.2

-9.9

9.9

25-34

26.7

-23.4

23.4

35-44

12.9

-21.7

21.7

45-54

25.2

-21.1

21.1

55-59

11.5

-8.7

8.7

60-64

5.7

-5.9

5.9

65 and Over

3

-3.8

3.8

Gender

Male Share

Female Share

Gender (% share)

Category

Actuaries, Mathematicians and Statisticians

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Male and female share of employment in this job compared to the all jobs average.

Category

Actuaries, Mathematicians and Statisticians

Category

All Jobs Average

Males

67.1

Males

53.6

Females

32.9

Females

46.4

Education Level

Top Education Levels

Highest Level of Education (% share)

No data is available for the selected graph for this Occupation.

A Bachelor Degree or higher, or at least 5 years of relevant experience is usually needed to work in this job. Most workers have a post-graduate degree.

If you are interested in this style of work, there are a wide range of training options available that could lead to this or a similar job. The pathway that is right for you will depend on your skills and interests.

Computers and Electronics

English Language

English language including the meaning and spelling of words, rules of composition, and grammar.

Education and Training

54% Important

Teaching and course design.

Administration and Management

50% Important

Planning and coordination of people and resources.

Actuaries Opens in a new windowO*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration. The information on this site is derived from the US Department of Labor O*NET Database Version 21.2

Learn about the daily activities, and physical and social demands faced by workers. Explore the values and work styles that workers rate as most important.

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Activities

The work activities workers rate as most important are shown below.

Analyzing Data or Information

98% Important

Looking at, working with, and understanding data or information.

Interacting With Computers

95% Important

Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

Processing Information

Communicating with Supervisors, Peers, or Staff

Giving information to supervisors, co-workers, and staff by telephone, in written form, e-mail, or in person.

Interpreting Information for Others

88% Important

Helping people to understand and use information.

Actuaries Opens in a new windowO*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration. The information on this site is derived from the US Department of Labor O*NET Database Version 21.2